DRA Homes insights on 2024 budget
The real estate sector, on an upward trajectory post-Covid in 2021, is expected to sustain this positive momentum in 2024. With interest rates peaking in both the US and India, forthcoming interest rate cuts in 2024 are anticipated, potentially making home loans more affordable and providing a significant boost to the market. The existing landscape reveals a supply shortfall across Affordable, Middle-class, and Luxury categories, with demand consistently outpacing supply.
India’s narrative shines brightly with job creation across manufacturing and services sectors. Leading in global capability centers, Fin-tech, AI, and startups, the country is witnessing increased job opportunities, subsequently driving heightened activity in the real estate market.
A noteworthy trend is the growing interest from Non-Resident Indians (NRIs). Given the current exchange rate, Indian real estate emerges as an appealing investment option for NRIs.
In summary, 2024 is poised for robust housing demand. The potential for a stable government post-election is expected to further fortify India’s position and fuel housing demand.